Austbrokers buys film insurance underwriter

Austbrokers is expanding its film and television insurance business with the purchase of Film Insurance Underwriting Agencies (FIUA).

The purchase cost $4.5 million and will be funded from Austbrokers’ cash reserves.

The listed broker group made the acquisition through its wholly owned subsidiary Austagencies, whose MD Craig Patterson says FIUA writes about $6 million a year in premiums.

FIUA will be merged with Austbrokers’ film business Latitude Film & TV. Joe Lo Surdo will continue as FIUA’s MD while Latitude’s Cherie Madigan will become GM of FIUA.

FIUA Executive Director Neil McEwin will become a consultant to Austagencies.

Austbrokers has most recently increased its presence in NSW, acquiring through its subsidiary Austbrokers RWA Chris Mack Insurance Services in Coonabarabran, and Barry Taylor Insurance Brokers in Tamworth.

The company is due to report its half-yearly financial results next Monday.